Emap has announced the £140 million purchase of online research firm Worth Global Style Network (WGSN), a specialist in the retail industry, bolstering the media giant’s research arm.
WGSN is “the leading international online source of fashion and apparel intelligence in the retail sector”, Emap explained this morning, stating that the company’s high value information on trends from the catwalks, major trade shows, street fashion and retail storefronts makes it valuable to the publisher’s portfolio of assets.
The new business will prove imediately profitable for Emap, having posted revenues of £15 million and pre-tax profits of £4 million for the financial year ended December 2004. The business also has gross assets worth in excess of £37 million.
In a statement to the City this morning Tom Moloney, chief executive of Emap, said: “We are delighted to add WGSN to our already market leading retail portfolio. WGSN is a high quality, high growth information product with a very exciting future. It is a great addition to our overall information offering, alongside CAP, Glenigan, Brad and De Havilland.”
WGSN currently operates in 60 countries worldwide, employing 172 staff in offices in New York, Hong Kong, Paris, Milan and Melbourne, as well as its headquarters in London.
Derek Carter, chief executive of Emap Communications, said this morning: “The acquisition of WGSN is in line with our strategy to develop and expand our five key verticals – retail, construction, public sector, healthcare and media – while seeking to concentrate on premium, market leading, value added products with a loyal customer base and superior growth profiles.”
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